Give Yourself Some Credit

Understanding Your Credit ReportKaylee Prochniak

Economics 101

Credit Report Fundaments

Generated by three companies ◦Experian, Equifax, TransUnion

Factors◦How much you owe to each company◦Payment history for each company

Includes utilities, medical expenses, rent

How FICO Is Calculated

Range-760(excellent) to 620 (poor)◦35%- Payment History◦30%- Amounts owned◦15%- Credit history length◦10%- New Credit◦10%- Credit types

Improve Your FICO Score

Pay bills on timeAvoid opening many new accounts

◦Open only if you intend to useKeep balances low

◦Less than 20% of credit limitReview credit report yearly